BNP Backs Drahi’s $2.7 Billion Sotheby’s Deal as Sole Financier

BNP Paribas SA reaffirmed its commitment Patrick Drahi, backing the billionaire as sole financier in his $2.7 billion surprise purchase of Sotheby’s.

France’s largest bank has provided advice and financing for many of Drahi’s deals over recent year. Drahi, who has built a telecoms empire through a series of debt-financed acquisitions, is taking the auction house private after 31 years with a $57-a-share cash bid that’s a 61% premium to the closing price on Friday, June 14.

Drahi, 55, is worth $8.6 billion, according to the Bloomberg Billionaires Index. He’s the founder and president of Altice Europe NV. Its main ...